Azerbaijan, Baku, Aug.13 / Trend, A.Akhundov /
The Azerbaijani National Fund for Entrepreneurship Support (NFES) of the Economic Development Ministry has allocated favorable loans worth 300,000 manat through authorized credit organizations to entrepreneurs in the Azerbaijan's Lankaran economic region, the Ministry said.
The distribution of loans among entrepreneurs of Yardimli and the surrounding regions was held within the event on state support to entrepreneurship in the regions. The event took place Aug.13 in Yardimli with the participation of about 100 entrepreneurs from Lankaran economic region.
Some 82 new job places will be opened at the expense of these funds.
NFES also held a training during which entrepreneurs were briefed on the mechanism of issuing favorable loans, the formation of business ideas, preparation and rules for investment projects.
NFES was established in 1992. Loans are allotted to entrepreneurs through authorized banks and non-bank credit organizations, whose overall number is 36. In 2009, NFES issued more than 2,100 loans through authorized credit organizations, totaling 130 million manat. Thus, in 2009 compared to 2008, the number of entrepreneurs who have received preferential loans from the funds NFES has increased by 2.6 times and the volume of loans - 48 percent.
In 2010, the Fund plans to provide preferential loans worth at least 115 million manat, of which 44 million manat will be provided from the state budget and 71 million manat - interest payments and repayment of previously granted loans. The fund has already allocated credits to 20 million manat in the first quarter.
The fund named agriculture, light industry and food processing are priority areas for funding in 2010.
Aug. 13, official exchange rate is 0.8036 manat to $1.